Net Metering by State

What your electric utility actually pays for exported solar power.

New Mexico solar export compensation

What New Mexico pays for exported rooftop solar power, with the source and the date each figure was checked.

Record verified 2026-09-16 · 12 of 17 fields sourced

What does your utility pay?

No single rate — formula based

Excess kilowatt-hours are credited to the customer's bill on the following month and unused credits carry forward; on termination, unused credits are paid at PNM's energy rate pursuant to 17.9.570 NMAC and Rate Schedule 12.

PNM · New Mexico

Effective Rider 24 is identified in the fetched tariff as Advice Notice No. 359; no effective date was printed in the readable tariff text.

Rider 24 applies to qualifying facilities no larger than 10 kW with an interconnection agreement; it does not print a fixed cents-per-kWh export price.

Source: pnm.com

Full PNM detail →

New Mexico's investor-owned utilities operate under a commission net-metering and qualifying-facility framework rather than a single statewide cents-per-kWh export price. For customer-sited qualifying facilities up to 10 kW, Rule 17.9.570.14 requires monthly netting and either payment/credit at the utility's energy rate or kWh credits that roll forward; larger systems use the applicable utility tariff and interconnection agreement. Utility tariffs therefore matter: PNM's Rider 24 provides bill credits for excess kWh, El Paso Electric's Rate 16 pays according to its monthly purchased-power schedule, and SPS/Xcel cashes out accumulated excess at locational marginal price.

Program details

Compensation mechanismNet metering for customer-sited qualifying facilities up to and including 10 kW: the utility nets monthly energy and must either credit/pay excess net energy at its energy rate or credit excess net kWh.
srca.nm.gov
Export rateThere is no single statewide fixed export number in the cited rule. Excess is credited or paid at the utility's applicable energy rate, or credited as net kilowatt-hours; utility-specific tariffs determine the amount.
srca.nm.gov
Rate effectiveThe cited 17.9.570.14 net-metering section is marked [17.9.570.14 NMAC - N, 10-15-08]; current utility tariffs and approved changes control the applicable rate.
srca.nm.gov · pnm.com · epelectric.com
Credit rolloverYes. Unused net-kWh credits carry forward month to month; if a utility uses credits and the customer leaves the system, unused credits are paid at the utility's energy rate.
srca.nm.gov
Credit expirationThe rule does not set an annual expiration date for monthly net-kWh credits. If the customer leaves the system, unused credits must be paid at the utility's energy rate.
srca.nm.gov
Annual true-upNo annual statewide true-up date is stated in the cited rule; the rule specifies monthly billing and next-bill crediting, with settlement when the customer leaves the system.
srca.nm.gov
Residential system capThe dedicated customer-sited net-metering section applies up to and including 10 kW; the rule does not label a separate residential cap.
srca.nm.gov
Commercial system capThe dedicated customer-sited net-metering section applies up to and including 10 kW. The rule separately provides a standard metering and billing agreement for qualifying facilities greater than 10 kW and less than or equal to 10 MW.
srca.nm.gov
Aggregate program capNot yet verified
Program statusNot yet verified
RegulatorNew Mexico Public Regulation Commission (NMPRC).
srca.nm.gov
DocketNot yet verified
Governing rule17.9.570 NMAC governs qualifying-facility purchases and net metering; 17.9.568 NMAC sets the interconnection standards for qualifying facilities subject to 17.9.570.14. The Renewable Energy Act statutory authority is Sections 62-16-1 to 62-16-10 NMSA 1978.
srca.nm.gov · srca.nm.gov
GrandfatheringNot yet verified
Interconnection applicationInterconnection standards and procedures for 17.9.570.14 facilities are set forth in 17.9.568 NMAC; PNM's Rider 24 requires an Interconnection Agreement, and Xcel recommends waiting for full engineering approval and signed agreements before construction.
srca.nm.gov · pnm.com · xcelenergy.com
Interconnection timelineFor systems under 17.9.570.14, the utility must notify the customer of any metering costs within 10 days of receiving notice of intent to interconnect. The reviewed rule does not state a complete statewide approval timeline; 17.9.570.9 requires at least 60 days' written advance notice for qualifying-facility interconnection.
srca.nm.gov · epelectric.com
Pending changeNot yet verified

Rates by utility

State rules set the framework. Individual utilities often pay something different, and where they do the utility tariff governs.

Public Service Company of New Mexico (PNM)Excess kilowatt-hours are credited to the customer's bill on the following month and unused credits carry forward; on termination, unused credits are paid at PNM's energy rate pursuant to 17.9.570 NMAC and Rate Schedule 12.
Rider 24 is identified in the fetched tariff as Advice Notice No. 359; no effective date was printed in the readable tariff text.
Rider 24 applies to qualifying facilities no larger than 10 kW with an interconnection agreement; it does not print a fixed cents-per-kWh export price.
pnm.com
El Paso Electric (New Mexico)Net Metering Option: the customer is paid for energy supplied above the amount consumed at the rate specified in the Monthly Rate Section of Rate 16; the monthly energy payment is based on the energy rates tabulated in the schedule pursuant to 17.9.570.11 NMAC.
Rate No. 16 Purchased Power Service tariff listed by EPE as effective 08/01/2024.
Rate 16 provides multiple metering options and a monthly schedule; the applicable payment depends on voltage and the selected arrangement.
epelectric.com
Xcel Energy / Southwestern Public Service Company (New Mexico)Excess generation is cashed out at the Locational Marginal Price (LMP), the market value established by the Southwest Power Pool (SPP); a net amount owed to the customer under $50 may be carried over to the following billing period, and $50 or more is paid before the end of the next billing period.
Current on-site solar program page checked 2026-09-16; the page says the market value regularly changes.
The page describes NEM benefits and a virtual-bank/LMP settlement, not a fixed statewide export rate.
xcelenergy.com

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